Financial woes of Hong Kong’s West Kowloon arts hub deepen amid weak spending

The managing authority for Hong Kong’s arts hub is contending with deepening financial woes and weakened local spending, with its revenue in the 2024-25 financial year contracting by 18 per cent and its operating deficit ballooning to HK$769 million (US$98.5 million).

According to a legislative paper released on Wednesday, the West Kowloon Cultural District Authority’s revenue for the 12-month period ending in March was HK$871 million, an 18 per cent decline from a year earlier.

The report, which is set to be discussed at the Legislative Council next Monday, attributed the income drop to fewer venue bookings by corporate clients, a lower number of sponsorships and weak ticketing.

The West Kowloon Cultural District is the city’s latest arts and culture space, consisting of the modern art museum M+, the Hong Kong Palace Museum and the Chinese opera house, the Xiqu Centre.

The paper also said the managing authority’s operating deficit grew from HK$578 million to HK$769 million, a 33 per cent increase.

“Faced with economic uncertainties, the authority upheld the principle of prudent financial management and strictly controlled its operating expenses,” the paper said.